NEW YORK--(BUSINESS WIRE)--174 Power Global and Con Edison today announced the signing of a seven-year dispatch rights agreement for the development of a 100-megawatt battery storage project, the East River Energy Storage System, in Astoria, Queens.
174 Power Global will build and own the battery system, which is expected to be one of the biggest in New York State. The facility will be located on land owned by the New York Power Authority (NYPA) and leased under a long-term contract to 174 Power Global. The new, energy storage system represents a redevelopment of the Charles Poletti Power Plant property, repowering New York City’s grid with a clean energy resource.
"New York is an important market for 174 Power Global due to the state’s commitment to clean energy,” said 174 Power Global President and CEO Henry Yun, PhD. “We are proud to have been selected by Con Edison for this project, and we look forward to working together to help bring clean power, as well as other regional electricity and economic benefits, to the Astoria community and more broadly to the state.”
“Utility scale battery storage will play a vital role in New York’s clean energy future, especially in New York City where it will help to maximize the benefit of the wind power being developed offshore,” said Tim Cawley, the president of Con Edison. “This project with 174 Power Global will help displace some fossil fuel-fired generation when the demand for power is highest.”
The East River Energy Storage System is designed to balance peak electricity demands and provide grid reliability by delivering reactive power, voltage support and frequency stability to the New York region, further escalating its transition to a sustainable energy future. Utility scale battery projects in New York City are necessary to include more renewable power generation currently in development.
“The New York Power Authority is committed to moving clean energy technologies forward and supporting initiatives that reduce greenhouse gas emissions and contribute to a healthier environment,” said Gil C. Quinones, NYPA president and CEO. “Additional energy storage development, especially in long duration storage, is key for the continued growth of renewable energy, such as hydro, wind and solar, to help us meet our peak energy demands and bring greater flexibility and resiliency to the New York State electric grid. We are pleased to have had a role in this project. This adaptive reuse of this land will help realize yet another clean energy project that moves us another step forward in meeting our aggressive climate leadership goals.”
“Expanding battery storage is a critical part of how we advance momentum to confront the climate emergency while meeting the energy needs of all New Yorkers," said Mark Chambers, Director of Sustainability for the City of New York. "Today's announcement demonstrates how we can deliver this need at significant scale."
The energy storage system is expected to achieve commercial operation on January 1, 2023. The project will be permitted and constructed following applicable codes requirements in the State of New York.
About 174 Power Global
174 Power Global is a leading solar and energy storage company that is wholly owned by the Hanwha Group, with offices in NYC and in California. With deep expertise across the full spectrum of the project development cycle, 174 Power Global works closely with utilities, landowners, local communities, financial investors, and other partners to build highly productive, utility scale and C&I solar power plants throughout North America. Since its formation in 2017, 174 Power Global has signed nearly 2 gigawatts (GW) of power purchase agreements and has more than 6 GW of additional projects in the development pipeline. 174 Power Global’s name was inspired by the 174 petawatts (PW) of power the earth receives from the sun at any moment. For more information, visit: www.174powerglobal.com/
About Con Edison
Con Edison is a subsidiary of Consolidated Edison, Inc. [NYSE: ED], one of the nation’s largest investor-owned energy companies, with approximately $13 billion in annual revenues and $60 billion in assets. The utility delivers electricity, natural gas, and steam to 3.5 million customers in New York City and Westchester County, N.Y. For financial, operations and customer service information, visit www.conEd.com.
The New York Power Authority (NYPA) is the largest state public power organization in the nation, operating 16 generating facilities and more than 1,400 circuit-miles of transmission lines. More than 80 percent of the electricity NYPA produces is clean renewable hydropower. NYPA uses no tax money or state credit. It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. For more information visit www.nypa.gov.